2023 Outlook 2, 3, 4
This guidance is subject to risks and uncertainties, including those described in “Forward-Looking Statements” below.
| $M | 2022 Results
From Continuing Operations |
Prior 2023
Outlook |
Current 2023
Outlook |
|
| Revenue | $2,143 | $2,350 – $2,450 | $2,350 – $2,450 | |
| Adjusted EBITDA2,3 | $884 | $1,025 – $1,075 | $1,025 – $1,075 | |
| Net CAPEX3,4 | $367 | $250 – $300 | $250 – $300 | |
1 – Assumes common shares outstanding as of June 30, 2023 versus common shares outstanding plus warrants outstanding under the treasury stock method as of June 30, 2022 and the closing stock price of $47.79 on June 30, 2023.
2 – Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, Free Cash Flow Margin, Net Debt to Adjusted EBITDA, and Return on Invested Capital are non-GAAP financial measures. Further information and reconciliations for these non-GAAP measures to the most directly comparable financial measure under generally accepted accounting principles in the US (“GAAP”) are included at the end of this press release.
3 – Information reconciling forward-looking Adjusted EBITDA and Net CAPEX to GAAP financial measures is unavailable to the Company without unreasonable effort and therefore neither the most comparable GAAP measures nor reconciliations to the most comparable GAAP measures are provided.
4 – Net CAPEX is a non-GAAP financial measure. Please see the non-GAAP reconciliation tables included at the end of this press release.
5 – Free Cash Flow incorporates results from discontinued operations. For comparability, reported revenue is adjusted to include results from discontinued operations to calculate Free Cash Flow Margin.
6 – During the first quarter of 2023, the ground level office business within the Modular segment was transferred to the Storage segment, and associated revenues, expenses, and operating metrics were transferred to the Storage segment. All periods presented have been retrospectively revised to reflect this change within the Modular and Storage segments. See further discussion within the Unaudited Segment Operating Data tables included at the end of this press release.
